Conventionally, there has been an air conditioning apparatus equipped with a refrigerant circuit configured as a result of plural indoor units being connected to an outdoor unit. As this air conditioning apparatus, there is an air conditioning apparatus that has a capacity controlling part that controls the air conditioning capacity of the outdoor unit (specifically, the operating capacity of the compressor) in such a way that the evaporation temperature or the condensation temperature of refrigerant in the refrigerant circuit becomes a target evaporation temperature or a target condensation temperature. Additionally, as an example of an air conditioning apparatus that has a capacity controlling part, there is the air conditioning apparatus described in JP-A No. 2002-147823, which is configured in such a way as to change the target evaporation temperature or the target condensation temperature. Here, the target evaporation temperature or the target condensation temperature is changed in accordance with the air conditioning load characteristics of a building.